Total amount raised
$2.6 Billions
Latest funding date
Location
Title
PhonePe has successfully raised significant funding over multiple rounds, establishing itself as a key player in the digital payment landscape. The platform offers a wide range of services, including bill payments, money transfers, and investment opportunities.
Keep reading to explore the intricacies of PhonePe's fundraising journey and the investors backing this innovative platform.
What Is PhonePe?
PhonePe, founded in 2015, is a digital payment platform based in Bangalore, India. The company was established by Sameer Nigam, Rahul Chari, and Burzin Engineer. With a workforce of over 2,000 employees, PhonePe offers a variety of financial services, including UPI payments, bill payments, and investments.
How Much Funding Has PhonePe Raised?
- Private Equity Round
- Amount Raised: $28M
- Date: April 2020
- Lead Investors: Flipkart
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance UPI payments and expand digital payment services.
- Corporate Round
- Amount Raised: $59.6M
- Date: February 2020
- Lead Investors: Flipkart
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth and operational expansion.
- Corporate Round
- Amount Raised: $700M
- Date: December 2020
- Lead Investors: Walmart
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale new financial services and enhance UPI payments.
- Corporate Round
- Amount Raised: ₹1.5B
- Date: December 2020
- Lead Investors: Flipkart
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand into new business areas and enhance digital payment services.
- Corporate Round
- Amount Raised: $350M
- Date: August 2021
- Lead Investors: Walmart
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth and operational expansion.
- Private Equity Round
- Amount Raised: $350M
- Date: January 2023
- Lead Investors: General Atlantic
- Valuation at Round: $12B
- Motivation Behind the Round: To expand into new business areas such as insurance, wealth management, and lending.
- Private Equity Round
- Amount Raised: $100M
- Date: February 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: $12B
- Motivation Behind the Round: To scale new financial services and enhance UPI payments.
- Corporate Round
- Amount Raised: ₹16.5B
- Date: March 2023
- Lead Investors: Walmart
- Valuation at Round: $12B
- Motivation Behind the Round: To develop and scale new financial services businesses.
- Private Equity Round
- Amount Raised: ₹8.2B
- Date: April 2023
- Lead Investors: General Atlantic
- Valuation at Round: $12B
- Motivation Behind the Round: To expand into new business areas and enhance UPI payments.
- Private Equity Round
- Amount Raised: $100M
- Date: May 2023
- Lead Investors: General Atlantic
- Valuation at Round: $12B
- Motivation Behind the Round: To scale new financial services and enhance UPI payments.
Total amount raised: $2.5B. Current valuation: $12B.
Key Investors
- General Atlantic
- Details: General Atlantic is a global growth equity firm that provides capital and strategic support for growth companies. They have been a recurring investor in PhonePe, contributing significantly to its recent funding rounds.
- Investment Focus Areas: Technology, consumer, financial services, healthcare
- Notable Investments: PhonePe, Airbnb, Uber
- Walmart
- Details: Walmart is a multinational retail corporation and the largest shareholder of PhonePe. They have invested heavily in PhonePe to support its growth and strategic direction.
- Investment Focus Areas: Retail, e-commerce, technology
- Notable Investments: Flipkart, PhonePe, Jet.com
- Tiger Global Management
- Details: Tiger Global Management is a US-based investment firm that focuses on private and public companies in the global Internet, software, consumer, and financial technology industries. They have been involved in multiple funding rounds for PhonePe.
- Investment Focus Areas: Technology, financial services, consumer
- Notable Investments: Facebook, LinkedIn, Flipkart
- Ribbit Capital
- Details: Ribbit Capital is a venture capital firm focused on financial technology. They have participated in several funding rounds for PhonePe, supporting its expansion into new financial services.
- Investment Focus Areas: Financial technology
- Notable Investments: Robinhood, Coinbase, Credit Karma
- TVS Capital Funds
- Details: TVS Capital Funds is an Indian private equity firm that invests in high-growth companies. They have been part of the consortium investing in PhonePe's recent funding rounds.
- Investment Focus Areas: Private equity investments in India
- Notable Investments: Nykaa, RBL Bank, TVS Credit Services
What's Next for PhonePe?
PhonePe's future is brimming with opportunities, particularly in the lending space, insurance, and wealth management. The ongoing $1 billion fundraising round underscores the vast potential in these sectors. With the launch of the Pincode app, PhonePe aims to connect local shopkeepers with consumers, leveraging India's Open Network for Digital Commerce (ONDC) to boost hyperlocal commerce.
Future fundraising efforts are likely to continue, given the strong interest from major investors like General Atlantic and Walmart. This financial backing will be crucial as PhonePe scales its new ventures and enhances its existing services. However, the company will face challenges, including stiff competition from other fintech giants and regulatory hurdles in the financial services sector.
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